1099 Repeal Signed into Law

President Obama recently signed the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (HR 4), repealing the IRS Form 1099 reporting requirement that was set to go into place in 2012. Enacted as part of the Patient Protection and Affordable Care Act, the Form 1099 requirements would have compelled all businesses, including physical therapists practices, to issue a Form 1099 for business transactions of $600 or greater in aggregate with the same entity for each given year.

APTA advocated for the repeal of the 1099 requirement and was quoted by the House Ways and Means Committee on the effect the requirement would have on physical therapy practitioners and business owners.